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Brussels would like Greek debt deal by year-end

The European Commission would like eurozone governments to reach a deal on the details of debt relief for Greece by the end of the year to boost its economic growth, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Tuesday.

Speaking in the European Parliament in Strasbourg during a debate on Greece, Moscovici said, however, that such a deal requires an effort from all sides, including the government in Athens, which has to push on with agreed reforms.

“By the end of the year I would like to see, to strike an agreement on debt,” Moscovici told parliamentarians.

“That is indeed legitimate and has been long awaited, that requires an effort to be made on all sides, creditors, all partners in the Eurogroup and also the Greek authorities when it comes to implementing the reform program,” he said.

The year-end deadline for agreeing on the details of debt relief is seen as ambitious by eurozone officials because such details have to be based on a debt sustainability analysis and one will only be made after Greece passes a review of its reform progress.